GoLocal Prov: Introducing “The RI Cheat Sheet”—Start Your Monday with the Latest Numbers, Data, and Factoids

Monday, February 11, 2019

“The RI Cheat Sheet” is a weekly feature about important and interesting numbers, data, and high-value factoids that impact Rhode Island and the economy. The weekly feature is a cheat sheet of business trends, government data and critical, hard-to-find information that can be buried in reports.

1) Providence Residents' Dismal Credit Scores A new study unveils the average credit score in Providence is 649 -- the lowest 12 percentile in the United States. WalletHub compared the median credit scores of residents in 2,572 U.S. cities and Providence ranks 2,269.

2) Toy Problem According to data released this week, Hasbro stock took its lumps on Friday as it missed its numbers for Wall Street. "2018 was a very disruptive year, driven by the bankruptcy and liquidation of Toys R Us across most of the world and a rapidly shifting consumer and retail landscape," CEO Brian Goldner said in a statement. "During 2018, we diversified our retailer base, meaningfully lowered retailer inventories, and delivered innovative new offerings to our global consumers.” Revenue fell 13 percent to $1.39 billion in the quarter from $1.6 billion a year earlier. Analysts had forecast revenue of $1.52 billion.

3) Bad Projections Sports betting was budgeted by Governor Gina Raimondo's Administration to generate $23.5 million or $1.9 million a month. Then, it started months late due to delays caused by IGT (formerly GTECH) and Twin River. Then, the state dropped the projection to $11.5 million. In the first five weeks, the state realized just $500,000 -- less than 40 percent of the revised $1.43M a month.

4) Homeless Decrease In 1994, the homelessness problem hit a high point of 5,300. According to a study by Eric L. Hirsch, Ph.D., Department of Sociology, Providence College, the number of homeless in Rhode Island in 2017 was 4,500. The problem remains but down 15 percent over the past 25 years. He writes, “The need for additional resources to advance toward our goal of ending homelessness is clear, particularly for families and for those experiencing long-term homelessness. Increasing investments in temporary and permanent rental subsidies, additional new or rehabilitated very low-income housing units, and funding for supportive services will decrease the need for high cost, emergency services."

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